Abraaj, TPG Said Near Deal to Buy Stake in Saudi Chain Kudu - Bloomberg

Abraaj, TPG Said Near Deal to Buy Stake in Saudi Chain Kudu - Bloomberg:



"Abraaj Group and U.S. buyout firm TPG Capital are nearing a deal to buy a majority stake in Saudi Arabian fast-food chain Kudu, according to two people with knowledge of the matter.



The transaction, which is expected to be signed by early September, will value Kudu at $400 million to $500 million, the people said, asking not to be identified as the information is private. Abraaj has teamed up with TPG on the deal to benefit from the firm’s experience investing in restaurant chains, including Burger King Worldwide Inc. (BKW), the people said.



A sale of Kudu, which operates about 200 outlets in the country selling grilled chicken sandwiches, burgers and breakfasts, would be the first investment for TPG Capital in the Middle East. Fort Worth, Texas-based TPG is also among the bidders for Kuwait Food Co., the operator of KFC restaurants in the Middle East and North Africa, people familiar with the matter told Bloomberg News this week."



'via Blog this'